foreigners. We use a bank-level panel data set spanning all British and foreign banks providing loans within the United Kingdom …," domestic (British) loans of a bank expressed as a fraction of its total loan activity. We also study effective short …

Today’s regulatory rules, especially the easily-manipulated measures of regulatory capital, have led to costly bank … failures. We design a robust regulatory system such that (i) bank losses are credibly borne by the private sector (ii …) systemically important institutions cannot collapse suddenly; (iii) bank investment is counter-cyclical; and (iv) regulatory …

creating counter-cyclical incentives for banks to raise capital, and so encourage bank lending in bad times. They avoid the …

a model in which the venture capitalist can evaluate the entrepreneur’s project more accurately than the bank but can …

: comparison with Japan, comparison with the New Economic Policy (NEP), and assuming alternative post-1940 growth scenarios. …

period 1550–1630. We add evidence from Japan and China from the early modern period until 1800 to obtain a human capital …

. However, Japan started at a lower level than Britain and grew more slowly until the Meiji Restoration. …